$250 Appraisals?

[phoebe33764]

A SFR refi, for example, requires the same amount of work whether the client pays $250 or $375. I dont think it's right to agree to a fee and skimp in the report. When the client pays $250, they do get slower TAT, 7 days start to finish. So far, this works, and I've been able to bump the due date if needed, as long as the client is updated with status regularly. In my market, there are usually plenty of comps. I try to include 3 Sales in three months, 1 mile, a Pending, and two Actives. I hate conditions, so I try to avoid them from the jump. Now, if they ask for more comps after I've already used the best three sales, you betcha $$$. To answer your question, yes, they complain. If I have to write an addenda as to why the comps chosen in the original report were the best, including a CMA of available sales, that usually works better than adding a couple crappy comps.

And I do the same. But when is enough, enough? I produced a report 4 comps, 2 listings, explained the declining market, explained why 2 sales exceeded 3 month, and more to avoid such conditions. I must have written 5 more addendas on 5 different occassions for items that were already included in the original report and had to explain why I didn't use their comparables (don't you love it when UW's give you their own comps)... I was all ready to co sign for him (just kidding) however, it just seemed like they just did not want to lend the money to the homeowner.

Never would I skimp on comps as I would use the proper amount of comps I felt needed to support my opinion. However, as I just mentioned, there has to be a limit to us being taken advantage of. A slightly lower price and a longer turnaround I can do, however, it seems that the mortgage brokers care less about the fee because they aren't paying it...all they care about is turn time.

I do quality work but there has got to be a point where we stop working on the report and charge additional monies when the banks are being rediciulous.

 

[EVAUSA]

And I do the same. But when is enough, enough? I produced a report 4 comps, 2 listings, explained the declining market, explained why 2 sales exceeded 3 month, and more to avoid such conditions. I must have written 5 more addendas on 5 different occassions for items that were already included in the original report and had to explain why I didn't use their comparables (don't you love it when UW's give you their own comps)... I was all ready to co sign for him (just kidding) however, it just seemed like they just did not want to lend the money to the homeowner.

Never would I skimp on comps as I would use the proper amount of comps I felt needed to support my opinion. However, as I just mentioned, there has to be a limit to us being taken advantage of. A slightly lower price and a longer turnaround I can do, however, it seems that the mortgage brokers care less about the fee because they aren't paying it...all they care about is turn time.

I do quality work but there has got to be a point where we stop working on the report and charge additional monies when the banks are being rediciulous.

I'm seeing more and more posts where it would seam the lender wants to use the appraisal as the reason to deny the loan. I just had an UW send me impossible conditions for sales that dont exist, and they wont budge. All you can do is what you have been doing. Yes, I would charge for additional comps if you have already supplied six! Sounds like you have a good report and they just might not have a solid borrower.